The National Association of Home Builders’ monthly survey says builder confidence remained at record lows in August. There were, however, some signs that activity may have finally bottomed.
While sales levels for single-family homes in August remained at record low levels, expectations for sales in the coming six months rose to 25 in August, from 23 in July. NAHB Chief Economist David Seiders:
While our overall measure of builder confidence remains at a record low at this time, it is a good sign that two out of three of the HMI’s component indexes rose in August, and this may be an indication that we are nearing the bottom of the long downswing in new-home sales
Again, more evidence that things are still bad, but seem to be getting worse at a slower rate. We’ll take what we can get.
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